The Singapore government is strengthening its assurance and support packages and permanent Goods and Services Tax (GST) voucher scheme in the 2023 budget to provide more cash assistance to Singaporeans to ease economic pressures from inflation and a hike in consumption tax. These additional subsidies will help lower-income and middle-income households offset the extra expenses they face due to inflation and the increase in consumption tax.
If you are a Singaporean aged 21 and above, with an estimated income of not more than $100,000 and owning not more than one property, you can receive up to $1,350 in subsidies from the end of 2022 to the end of 2026. For Singaporeans with an estimated income of not more than $34,000, they can receive up to $2,250 in subsidies.
In addition, the government will enhance the permanent GST voucher scheme. If you are a Singaporean aged 21 and above, with an estimated income of not more than $34,000 and owning not more than one property, and the annual value of your residence does not exceed $21,000, you will receive GSTV-Cash. The cash subsidy will increase from $250 in 2022 to $350 in 2023, and to $450 in 2024. If the annual value of your property does not exceed $13,000, the cash subsidy you can receive will increase from $500 in 2022 to $700 in 2023, and to $850 in 2024. The government will start distributing the 2023 vouchers from August this year.
Furthermore, Singaporeans aged 21 and above, with an estimated income of not more than $100,000 and owning not more than one property, will receive a one-time special cash assistance of $200 to $400 in June this year. Those aged 55 and above, with an estimated income of not more than $34,000 and owning not more than one property, and the annual value of their residence does not exceed $34,000, will also receive a senior citizen bonus of $200 to $300 in June.
In addition, each household can receive $300 worth of community vouchers in January 2024, and eligible households will receive double the amount of their utilities rebates this year, along with the rebates they receive in January, for a total of up to $760.
Overall, the government’s cash assistance policies will effectively help Singaporeans ease the economic pressures from inflation and the hike in consumption tax, especially for lower-income and middle-income households. These subsidies will improve their quality of life and reduce their economic burdens. The government’s efforts aim to ensure economic recovery and promote social stability.
